Planning to renovate your home? There are certain renovation projects that will help you score a bigger return on your investment than others.
It’s always nice to know what kind of return you can expect to get out of certain projects before forking over the money. After all, budget is the leading factor when people are trying to figure out which renovation work to go for. What will bring them the greatest joy, as well as put value into their home when the time comes to sell it? Both of these factors play into the decision-making process.
You can turn to the 2019 Cost vs Value report, which compares the cost of 22 remodeling projects with the average value they add at resale. The survey examines 136 US markets and is based on a survey of 3,000 real estate agents and firms. Keep in mind, the cost to conduct a certain renovation may vary significantly based on the region you reside.
5 Renovation Ideas That Offer the Greatest Return on Investment
Replacing Your Old Garage Door
On average, people recoup around 97.5% of the cost associated with installing a new garage door. These numbers are based on a 16-by-7 foot 2-car garage door, replaced with a four-part garage door outfitted with heavy-duty galvanized steel tracks. This greatly enhances curb appeal and makes your home look newer and more desirable.
Adding Stone Veneer
Removing vinyl siding in exchange for manufactured stone veneer typically recoups around 94.9% of total costs. This cosmetic improvement adds to the appearance of your home and makes your home more striking to the eye.
Minor Kitchen Remodel
A major kitchen remodel may cost a lot of money – and it might be well worth it if you plan to stay and enjoy the rewards of a beautiful new kitchen. Although, if you plan to sell your home in the near future, a minor kitchen remodel will recoup more costs, up to 80.5%.
A minor kitchen remodel includes replacing appliances with new energy efficient models, refacing cabinets, switching out hardware, installing new countertops, adding a new sink and faucet, redoing flooring, and painting the walls.
Adding a Wood Deck
Adding a wood deck will recoup around 75.6% of the total cost. Consider adding a built-in bench and planter to the deck to get the most out of your return.
Replacing Your Entry Door
Swapping out your entry door for a 20-gauge steel replacement with a clear dual-pane half glass panel, aluminum threshold with composite stop, and jambs will recoup nearly 75% of its total cost.
Tips to Get More Return on Your Investment
- Skip out on costly personalized elements, unless you really want it and don’t care about ROI. Super trendy or custom work is often subject to preference and taste and may not speak to future homebuyers, but instead give them something they’ll want to change or fix. For example, a hand-painted mural of the ocean.
- Take care of the basics like painting walls, putting up new bathroom vanity mirrors, or simply adding frames around existing mirrors.
- Landscaping plays a big role in first impressions and is an affordable way to improve curb appeal. Options include repainting the front door and window trim, updating landscaping with new flower beds, adding new sod, and removing a chain link fence in exchange for a white picket fence.
The Renovation Experts
Take trust in Paterson Development when it comes to renovating your existing home into a home you will love. Contact us today to learn more.